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InsurTech news

Insurance and reinsurance technology related news, focused on the wave of interest in InsurTech start-ups, investing in insurance technology initiatives, as well as reinsurance tech start-ups or ReinsurTech.

Insurtech Previsico develops new underwriting tool at Lloyd’s Lab

16th July 2020

Live flood forecasting specialist Previsico has launched a new underwriting tool, developed during its time at the Lloyd’s Lab, to enhance insurers’ flood risk models for both residential and commercial property, and fine art risks. The new underwriter modelling solution was designed with input and analysis from leading re- insurers over ... Read the full article

Insurtech firm Insurity acquires Virtual MGA

15th July 2020

Insurity, Inc., a provider of cloud-based core system solutions and data analytics for the re/insurance market, has acquired Austin, Texas-based Virtual MGA. The deal follows the recent acquisition of Epic-Premier and further expands Insurity’s cloud-based core systems offerings for the MGA and broker markets. Virtual MGA offers a cloud-based binding authority underwriting ... Read the full article

MS Amlin selects Socotra for new digital SME insurance initiative

14th July 2020

Global re/insurer MS Amlin has chosen insurance platform provider Socotra as the core backend system for its new digital SME insurance initiative. The new SME insurance platform by MS Amlin employs a digital-first distribution approach and will initially launch in Belgium, the Netherlands, UK, and France with product offerings that include ... Read the full article

Whitespace passes 100 customer mark

13th July 2020

Whitespace, the digital e-trading platform for brokers and re/insurers, has announced that it has passed the 100 customer mark less than a year since launching. The Whitespace platform provides brokers and underwriters with the ability to digitally offer, negotiate, place, and bind insurance and reinsurance contracts with each other. The company says ... Read the full article

Symetra Partners with Nassau Re/Imagine insurtech incubator

10th July 2020

Symetra Life Insurance Company has announced a partnership with the Nassau Re/Imagine insurtech incubator designed to tap the creative and developmental opportunities in the region’s insurance industry talent pipeline. The program currently supports 19 startups focused on solving critical problems for the life, annuity, reinsurance, and property & casualty sectors. “At Symetra, ... Read the full article

Usage-based insurance gains funding amid pandemic: GlobalData

7th July 2020

Usage-based insurance (UBI) continues to attract funding despite the fall in insurtech investment due to COVID-19, according to data and analytics company GlobalData. A recent survey by GlobalData found that 9.7% of drivers in the UK currently have a UBI policy, but analysts expect this figure to increase as a result ... Read the full article

DXC business targeted in ransomware attack

6th July 2020

IT services provider DXC Technology has confirmed that its subsidiary, Xchanging, has been targeted in a recent ransomware attack. Xchanging is an insurance managed services business based in London that operates on a standalone basis. DXC said it was confident that the incident is isolated to the Xchanging environment, and does not ... Read the full article

Lloyd’s Lab adds three start-ups to COVID-19 program

6th July 2020

Insurance and reinsurance marketplace Lloyd’s of London has started working with three new insurtech start-ups to help the market respond to the COVID-19 pandemic. As part of a package of measures to respond to the crisis, Lloyd’s has expanded the scope for new applicants to the Lloyd’s Lab innovation accelerator. The ... Read the full article

Lemonade secures $319m in IPO off $29 a share

2nd July 2020

Insurtech start-up Lemonade has raised $319 million at its Initial Public Offering (IPO) after high-demand saw its price increase to $29 a share. Lemonade commenced its IPO last week with an expectation that it would offer 11 million shares of its common stock at a price of between $23 and $26 per ... Read the full article

Innoveo & SIMS partner on digital transformation in Middle East

1st July 2020

Zurich-based global technology provider Innoveo has partnered with Sidani Innovative Management Services DMCC (SIMS), a Dubai-based boutique and corporate innovation accelerator, to support the adoption of new technologies in the Middle East re/insurance market. Together, the companies will help clients implement digitalisation initiatives using Innoveo's no-code technology platform and SIM's digitalisation ... Read the full article

Health insurtech Oscar closes $225m funding round

29th June 2020

Direct-to-consumer health insurer Oscar has announced the closing of a $225 million funding round. Oscar notes how this latest funding will help ensure continued growth off its $2 billion revenue base and puts the company on a path to advance its mission of making health care simple. "Transforming the health insurance experience ... Read the full article

Insurtech may offer insurers a route out of the pandemic

24th June 2020

New research by Cass Business School has outlined how insurtech may offer a route out of the pandemic for insurance companies. It's suggested that Covid-19 will act as a catalyst for the industry-wide adoption of new digital initiatives in the insurance industry. They also suggest that the pandemic has uncovered the value ... Read the full article

Farmers Insurance to reinsure policies for fintech Jetty

24th June 2020

Jetty, a fintech company that helps property managers increase lease conversion, reduce bad debt, and streamline operations, has announced a new deal with Farmers Insurance. Under the terms of the deal, Toggle Insurance Company, a Farmers Insurance company, will become the exclusive reinsurance provider for all new policies written under Jetty's core ... Read the full article

Bold Penguin partners with State Automobile Mutual Insurance Company

23rd June 2020

Commercial insurance technology provider Bold Penguin has announced the integration of State Automobile Mutual Insurance Company into its platform. Bold Penguin says this integration allows users of its platform access to business use auto coverage through State Auto with other insurance products, to be launched in the third quarter. State Auto currently ... Read the full article

Insurtech growth to remain unaltered by COVID-19: Aon COO

19th June 2020

While investment in insurtech has seemingly been slowed by the ongoing COVID-19 pandemic, the macro growth trend in this space will likely remain unaltered by the crisis. This is according to John G. Bruno, Chief Operating Officer (COO) at Aon plc and Chief Executive Officer (CEO) for Data & Analytic Services, ... Read the full article

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